GST collection at Rs 1.74 trillion in June, but growth slows to 7.7%
The gross goods and services tax (GST) collection for June 2024 stood at Rs 1.74 trillion, marking 7.7 per cent year-on-year (Y-o-Y) growth, an official source disclosed to Business Standard.
This Y-o-Y growth is notably less than the 12.4 per cent and 10 per cent increases recorded in April and May, respectively. Month-on-month figures, too, were flat.
In May this year, the gross GST collection amounted to Rs 1.73 trillion, while April witnessed a record-high GST collection of Rs 2.1 trillion. The June revenue brought the financial year-to-date total to Rs 5.57 trillion, said the source.
“Growth is not as robust as in past months, with various underlying factors contributing to this. Nevertheless, the upward trend is expected to continue in the upcoming months, with gross collections likely to remain above the Rs 1.6 trillion mark,” the official said.
While detailed data for Central and State GST collections was unavailable, it was learnt that approximately Rs 39,600 crore went into the central GST account from the Integrated GST (IGST) collection, and states got Rs 33,548 crore from the IGST collection. This latest data coincides with the seventh anniversary of GST rollout in India. The finance ministry, it is learnt, has now decided to discontinue the publication of detailed tax collection numbers.
